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Derivative Financial Instruments (Tables) | 3 Months Ended
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Mar. 31, 2018
Derivative Instruments Not Designated as Hedging Instruments [Abstract] |
Schedule of Notional Amounts of Outstanding Derivative Positions | As of March 31, 2018, the Company had commodity derivative contracts outstanding as summarized in the tables below: Oil Swaps
Contract Period |  | NYMEX WTI Volumes |  | Weighted-Average Contract Price
|  | (MBbl) |  | (per Bbl)
Second quarter 2018 |  | 1,534 |  |  | $ | 49.57 |
Third quarter 2018 |  | 1,769 |  |  | $ | 49.77 |
Fourth quarter 2018 |  | 1,894 |  |  | $ | 49.87 |
2019 |  | 1,940 |  |  | $ | 50.70 |
Total |  | 7,137 |  |  |
Oil Collars
Contract Period |  | NYMEX WTI Volumes |  | Weighted- Average Floor Price |  | Weighted- Average Ceiling Price
|  | (MBbl) |  | (per Bbl) |  | (per Bbl)
Second quarter 2018 |  | 1,459 |  |  | $ | 50.00 |  |  | $ | 59.03 |
Third quarter 2018 |  | 1,948 |  |  | $ | 50.00 |  |  | $ | 58.61 |
Fourth quarter 2018 |  | 2,222 |  |  | $ | 50.00 |  |  | $ | 58.44 |
2019 |  | 5,908 |  |  | $ | 47.65 |  |  | $ | 59.19 |
Total |  | 11,537 |  |  |  |  |
Oil Basis Swaps
Contract Period |  | Midland-Cushing Volumes |  | Weighted-Average Contract Price (1)
|  | (MBbl) |  | (per Bbl)
Second quarter 2018 |  | 2,392 |  |  | $ | (1.03 | )
Third quarter 2018 |  | 3,018 |  |  | $ | (1.06 | )
Fourth quarter 2018 |  | 3,327 |  |  | $ | (1.08 | )
2019 |  | 5,788 |  |  | $ | (1.09 | )
Total |  | 14,525 |  |  |
____________________________________________
(1) | Represents the price differential between WTI prices at Midland, Texas and WTI prices at Cushing, Oklahoma.
Gas Swaps
Contract Period |  | Sold Volumes |  | Weighted-Average Contract Price |  | Purchased Volumes |  | Weighted-Average Contract Price |  | Net Volumes
|  | (BBtu) |  | (per MMBtu) |  | (BBtu) |  | (per MMBtu) |  | (BBtu)
Second quarter 2018 |  | 23,507 |  |  | $ | 3.31 |  |  | (7,795 | ) |  | $ | 4.24 |  |  | 15,712 |
Third quarter 2018 |  | 24,627 |  |  | $ | 3.29 |  |  | (7,480 | ) |  | $ | 4.23 |  |  | 17,147 |
Fourth quarter 2018 |  | 25,856 |  |  | $ | 3.29 |  |  | (7,210 | ) |  | $ | 4.27 |  |  | 18,646 |
2019 |  | 41,394 |  |  | $ | 3.76 |  |  | (24,415 | ) |  | $ | 4.34 |  |  | 16,979 |
Total (1) |  | 115,384 |  |  |  |  | (46,900 | ) |  |  |  | 68,484 |
____________________________________________
(1) | Total net volumes of gas swaps are comprised 100% of IF HSC.
NGL Swaps
|  | OPIS Purity Ethane Mont Belvieu |  | OPIS Propane Mont Belvieu Non-TET |  | OPIS Normal Butane Mont Belvieu Non-TET |  | OPIS Isobutane Mont Belvieu Non-TET |  | OPIS Natural Gasoline Mont Belvieu Non-TET
Contract Period |  | Volumes | Weighted-Average Contract Price |  | Volumes | Weighted-Average Contract Price |  | Volumes | Weighted-Average Contract Price |  | Volumes | Weighted-Average Contract Price |  | Volumes | Weighted-Average Contract Price
|  | (MBbl) | (per Bbl) |  | (MBbl) | (per Bbl) |  | (MBbl) | (per Bbl) |  | (MBbl) | (per Bbl) |  | (MBbl) | (per Bbl)
Second quarter 2018 |  | 915 |  | $ | 10.87 |  |  | 554 |  | $ | 24.94 |  |  | 84 |  | $ | 35.69 |  |  | 66 |  | $ | 35.07 |  |  | 175 |  | $ | 50.99 |
Third quarter 2018 |  | 1,033 |  | $ | 10.99 |  |  | 610 |  | $ | 24.27 |  |  | 93 |  | $ | 35.70 |  |  | 70 |  | $ | 35.07 |  |  | 202 |  | $ | 51.13 |
Fourth quarter 2018 |  | 1,146 |  | $ | 11.18 |  |  | 671 |  | $ | 24.39 |  |  | 102 |  | $ | 35.70 |  |  | 76 |  | $ | 35.07 |  |  | 208 |  | $ | 50.99 |
2019 |  | 3,533 |  | $ | 12.31 |  |  | 1,503 |  | $ | 27.83 |  |  | 154 |  | $ | 35.64 |  |  | 117 |  | $ | 35.70 |  |  | 197 |  | $ | 50.93 |
2020 |  | 539 |  | $ | 11.13 |  |  | — |  | $ | — |  |  | — |  | $ | — |  |  | — |  | $ | — |  |  | — |  | $ | — |
Total |  | 7,166 |  |  |  | 3,338 |  |  |  | 433 |  |  |  | 329 |  |  |  | 782 |  |
Schedule of fair value of derivatives in accompanying balance sheets | The following table details the fair value of commodity derivative contracts recorded in the accompanying balance sheets, by category:
|  | As of March 31, 2018 |  | As of December 31, 2017
|  | (in thousands)
Derivative assets: |  |  |  |
Current assets |  | $ | 77,296 |  |  | $ | 64,266 |
Noncurrent assets |  | 35,128 |  |  | 40,362 |
Total derivative assets |  | $ | 112,424 |  |  | $ | 104,628 |
Derivative liabilities: |  |  |  |
Current liabilities |  | $ | 181,068 |  |  | $ | 172,582 |
Noncurrent liabilities |  | 53,712 |  |  | 71,402 |
Total derivative liabilities |  | $ | 234,780 |  |  | $ | 243,984 |
Schedule of the potential effects of master netting arrangements | The following table provides a reconciliation between the gross assets and liabilities reflected on the accompanying balance sheets and the potential effects of master netting arrangements on the fair value of the Company’s derivative contracts:
|  | Derivative Assets |  | Derivative Liabilities
|  | As of |  | As of
|  | March 31, 2018 |  | December 31, 2017 |  | March 31, 2018 |  | December 31, 2017
|  | (in thousands)
Gross amounts presented in the accompanying balance sheets |  | $ | 112,424 |  |  | $ | 104,628 |  |  | $ | (234,780 | ) |  | $ | (243,984 | )
Amounts not offset in the accompanying balance sheets |  | (100,617 | ) |  | (100,035 | ) |  | 100,617 |  |  | 100,035 |
Net amounts |  | $ | 11,807 |  |  | $ | 4,593 |  |  | $ | (134,163 | ) |  | $ | (143,949 | )
Schedule of derivative (gain) loss | The following table summarizes the components of the net derivative (gain) loss presented in the accompanying statements of operations:
|  | For the Three Months Ended March 31,
|  | 2018 |  | 2017
| (in thousands)
Derivative settlement (gain) loss: |  |  |  |
Oil contracts |  | $ | 20,748 |  |  | $ | 9,084 |
Gas contracts |  | (6,410 | ) |  | (17,506 | )
NGL contracts |  | 10,190 |  |  | 8,415 |
Total derivative settlement (gain) loss |  | $ | 24,528 |  |  | $ | (7 | )
Net derivative (gain) loss: |  |  |  |
Oil contracts |  | $ | 13,966 |  |  | $ | (49,590 | )
Gas contracts |  | 9,990 |  |  | (44,468 | )
NGL contracts |  | (16,427 | ) |  | (20,716 | )
Total net derivative (gain) loss |  | $ | 7,529 |  |  | $ | (114,774 | )

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